Financial Results for 1st Quarter 2020 5 May 2020 Important Notice

This presentation should be read in conjunction with the announcements released by OUE Commercial REIT (“OUE C-REIT”) on 5 May 2020 (in relation to its Financial Results for 1st Quarter 2020).

This presentation is for information purposes only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in OUE C-REIT (“Units”). The value of Units and the income derived from them, if any, may fall or rise. The Units are not obligations of, deposits in, or guaranteed by, OUE Commercial REIT Management Pte. Ltd. (the “Manager”), DBS Trustee Limited (as trustee of OUE C-REIT) or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE C-REIT is not necessarily indicative of the future performance of OUE C-REIT.

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. These forward-looking statements speak only as at the date of this presentation. Past performance is not necessarily indicative of future performance. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events.

Investors should note that they will have no right to request the Manager to redeem their Units while the Units are listed on the Exchange Securities Trading Limited (the “SGX-ST”). It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

The information and opinions contained in this presentation are subject to change without notice.

2 Agenda

. Key Highlights . Financial Performance and Capital Management . Commercial Segment . Hospitality Segment . Update on COVID-19 . Outlook . Appendices

3 1Q 2020 Key Highlights

Financial Revenue Net Property Income Amount Available for Highlights Distribution S$77.7million S$62.1million S$37.6 million 40.5% YoY 42.5% YoY 44.5% YoY

Portfolio Commercial Segment Singapore Office Minimum rent for Performance Committed Occupancy Rental Reversions Hospitality Segment 94.3% 7.9 % - 16.7% S$67.5 million p.a. 1Q 2019: 94.0% provides downside protection

Capital Aggregate Weighted Average % Fixed Rate Debt Established Management Leverage Cost of Debt S$2.0 billion 40.2 % 3.2%76.6 % Multi-Currency Debt 1Q 2019: 39.4% 1Q 2019: 3.5% 1Q 2019: 71.6% Issuance Programme

Commercial segment comprises OUE Bayfront, One (67.95% effective interest), the office components of OUE Downtown (“OUE Downtown Office”), Lippo Plaza (91.2% strata interest) and Mandarin Gallery 4 1Q 2020 Key Highlights

Rebranding . Transformational rebranding to Hilton Singapore Orchard announced on 26 March 2020 of Mandarin . Addition of new income generating spaces to drive growth in sustainable returns and value Orchard Singapore . Major refurbishments to take place from 2Q 2020 onwards to capitalise on weak operating environment due to COVID-19 . Re-branded hotel set to become Hilton’s flagship in Singapore and the largest Hilton hotel in Asia Pacific . Downside protection from the minimum rent embedded within the hotel master lease arrangement throughout phased renovation and ramping-up period

Capital Expenditure Expected ROI Commencement of Relaunch of largest on Stabilised Basis Refurbishment Hilton hotel in Asia Pacific ~S$90.0 million ~10% 2Q 2020 2022

5 Financial Performance & Capital Management 1Q 2020 vs 1Q 2019

1Q 2020 1Q 2019 Change 1 (S$m) (S$m) (%)

Revenue 77.7 55.3 40.5

Net Property Income 62.1 43.6 42.5

Amount Available for Distribution 37.6 26.0 44.5

Distribution to Unitholders - (1) 26.0 N.M.(2)

. Net property income in 1Q 2020 was S$62.1 million, 42.5% higher YoY due primarily to contribution from Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Airport upon completion of the merger with OUE Hospitality Trust (“OUE H-Trust”) in 2019

. Amount available for distribution of S$37.6 million, 44.5% higher YoY

(1) OUE C-REIT’s distribution policy is to distribute at least 90% of its taxable income, on a semi-annual basis, with the actual level of distribution to be determined at the Manager’s discretion. The Manager will review OUE C-REIT’s financial results for 1Q 2020 and 2Q 2020 in totality to determine the actual level of distribution for 1H 2020 (2) Not meaningful 7 Portfolio Composition

Mandarin Crowne Plaza Changi Gallery Airport Hotel master lease 7.2% agreements provide Crowne Plaza 7.3% One Raffles minimum rent of Lippo Plaza Place S$67.5 million 7.3% 8.2% One Raffles Place 27.5% (3) 26.7% per annum Retail Hospitality 18.9% 21.7% Lippo Plaza 8.9% Mandarin Gallery By 10.5% By Revenue By Asset Segment (1) Contribution(2) Value Contribution(2)

OUE Downtown OUE Downtown Office Office 13.5% Mandarin 13.9% OUE Office Orchard Bayfront 59.4% Singapore 19.0% 18.1% OUE Bayfront Mandarin Orchard 17.4% Singapore 14.5%

 91.1% of assets under management in  No single asset contributes more than  Hospitality segment revenue was Singapore 26.7% to total revenue supported by the minimum rent under the hotels’ respective master lease agreements

Commercial segment comprises the office and/or retail contribution from OUE Bayfront, One Raffles Place (67.95% effective interest), OUE Downtown Office, Lippo Plaza (91.2% strata interest) and Mandarin Gallery (1) Based on independent valuations as at 31 December 2019 and SGD:CNY exchange rate of 1:4.885 (2) For 1Q 2020 (3) Mandarin Orchard Singapore and Crowne Plaza Changi Airport’s master lease agreements are subject to a minimum rent of S$45.0 million and S$22.5 million per annum respectively, totalling S$67.5 million per annum 8 Balance Sheet as at 31 Mar 2020

S$ million As at 31 Mar 2020

Investment Properties 6,805.5

Total Assets 6,913.0

Borrowings 2,695.1

Total Liabilities 3,000.9

Net Assets Attributable to Unitholders 3,302.2

Units in issue and to be issued (’000) 5,404,884

NAV per Unit (S$) 0.61

9 Capital Management

. S$2.0 billion multi-currency debt issuance programme established on 20 March 2020 enables OUE C-REIT to tap on diversified sources of funding . 2020 debt to be refinanced ahead of maturity, with average cost of debt expected to remain stable . With 76.6% of debt on fixed rate basis, earnings are mitigated against interest rate fluctuations

As at 31 Mar 2020 As at 31 Dec 2019 Debt Maturity Profile as at 31 March 2020

Aggregate Leverage 40.2% 40.3% S$ million

Total debt S$2,656m(1) S$2,648m(2) 450 Weighted average cost of debt 3.2% p.a. 3.4% p.a. 150

Average term of debt 1.9 years 2.2 years 674 259 425 24 % fixed rate debt 76.6% 75.0% 346 % unsecured debt 40.7% 40.6% 150 157 21 Average term of fixed rate debt 2.1 years 1.9 years 2020 2021 2022 2023 2024 Unsecured SGD Loan Secured SGD Loan Share of OUB Centre Limited's Unsecured SGD Loan MTN Interest coverage ratio(3) 2.9x 2.9x Secured RMB Loan

(1) Based on SGD:CNY exchange rate of 1:4.885 as at 31 Mar 2020 and includes OUE C-REIT’s share of OUB Centre Limited’s loan (2) Based on SGD:CNY exchange rate of 1:5.171 as at 31 Dec 2019 and includes OUE C-REIT’s share of OUB Centre Limited’s loan (3) Interest coverage ratio (“ICR”) as prescribed under Appendix 6 of the Monetary Authority of Singapore’s Code on Collective Investment Schemes (last revised on 16 April 2020). ICR for 31 December 2019 has been restated accordingly 10 Commercial Segment Portfolio Performance – Commercial 1Q 2020

(S$ million)

10.0%

60.9 8.1% 55.3 47.1 43.6

Revenue Net Property Income

1Q 2020 1Q 2019

. The increases in revenue and net property income for 1Q 2020 were mainly due to contribution from Mandarin Gallery upon completion of the merger with OUE H-Trust in 2019 . Overall commercial segment committed occupancy was 94.3% as at 31 March 2020. On a “same-store basis” excluding Mandarin Gallery, the commercial segment committed occupancy remained stable year-on-year (“YoY”) at 94.1% as at 31 March 2020

12 Healthy Commercial Segment Occupancy

. Commercial segment committed occupancy of 94.3% as at 31 March 2020, with increased committed office occupancy at OUE Bayfront and OUE Downtown Office . Lippo Plaza’s committed office occupancy declined 4.1 percentage points (“ppt”) quarter-on-quarter (“QoQ”) to 85.8% as at 31 March 2020, in line with overall Shanghai CBD Grade A office occupancy of 85.4% for the same period . Mandarin Gallery’s committed occupancy recorded a slight decrease of 0.5 ppt QoQ to 97.8%

Office: 93.9% Retail: 97.8% Commercial: 94.3%

Market: 97.6%(1) 100.0% 97.8% 94.0% 94.6% Market: 85.4%(2) 94.3%

85.8%

OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Gallery Commercial Segment As at 31 Mar 2020 (1) Source: CBRE Singapore MarketView 1Q 2020 for Singapore Grade A office occupancy of 97.6% (2) Source: Colliers Shanghai Office Property Market Overview 1Q 2020 for Shanghai CBD Grade A office occupancy of 85.4% 13 Resilient and Steady Office Occupancy

Singapore

100% 100.0%

97.6% 95% 94.6% 94.0%

90%

85% 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

OUE Bayfront One Raffles Place OUE Downtown Singapore Core CBD Office Shanghai

100% 95% 90% 85.8% 85% 85.4% 80% 75% 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Lippo Plaza Shanghai CBD Grade A Office Source: CBRE, Colliers Shanghai 14 Committed Office Rents In Line Or Above Market

. OUE C-REIT’s office properties continued to achieve rents which were in line or above their respective market rents . Continued to record positive rental reversions across Singapore office properties in 1Q 2020, ranging from 7.9% to 16.7%

Average Expired Comparable Sub-market Rents 1Q 2020 Committed Rents(1) Sub-market Rents Colliers(2) Savills(3)

Singapore

New Downtown/ OUE Bayfront S$12.64 S$12.80 – S$15.30 S$12.27 S$12.98 Marina Bay

One Raffles Place S$9.71 S$10.00 – S$11.30 Raffles Place S$10.51 S$10.17

OUE Downtown Shenton Way/ S$7.20 S$8.40 – S$8.90 S$10.31 S$8.91 – S$9.26 Office

Shanghai

Lippo Plaza RMB8.63 RMB8.10 – RMB9.50 Puxi RMB9.15 RMB8.95

(1) Committed rents for renewals and new leases (2) Source: Colliers Singapore Office Quarterly 1Q 2020 for Singapore comparable sub-market rents; Colliers Shanghai Office Property Market Overview 1Q 2020 for Shanghai comparable sub-market rents (3) Source: Savills Singapore Office Briefing 1Q 2020 for Singapore comparable sub-market rents; Savills Shanghai Office Market in Minutes Update 3Q 2019 for Shanghai comparable sub-market rents Note: For reference, CBRE Research’s 1Q 2020 Grade A Singapore office rent is S$11.50 psf/mth. Sub-market rents are not published 15 Average Passing Rents

S$ psf/mth 11.75 11.85 11.43 11.60 11.65 11.76 11.85 11.98 12.03 10.40 10.58 10.28 . Average passing office rent for all 10.26 9.92 9.61 9.68 9.69 9.45 9.50 9.56 Singapore office properties improved 6.94 7.00 7.16 7.21 7.27 7.31 Singapore as at 1Q 2020 due to consecutive (Office) quarters of positive rental reversions

(1) 2013 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 OUE Bayfront One Raffles Place OUE Downtown Office

RMB psm/day 9.97 9.89 9.79 9.81 9.86 9.75 9.65 9.70 . Lippo Plaza’s average passing 9.45 office rent was RMB9.70 psm/day Shanghai 9.06 9.14 (Office) as of March 2020

2013(1) 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 Lippo Plaza

S$ psf/mth 24.60 23.60 23.60 23.60

22.50 22.30 . Average retail rent at Mandarin 21.95 21.95 22.02 Mandarin 21.70 Gallery remained stable in 1Q Gallery 2020

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 Mandarin Gallery

(1) Proforma average passing rents as at 30 September 2013 as disclosed in OUE C-REIT’s Prospectus dated 17 January 2014 16 Top 10 Tenants – Commercial Segment

Top 10 Tenants

4.9% By Gross Rental Income 26.3% 4.6% 4.5%

2.3% 2.0% 1.9% 1.7% 1.6% 1.4% 1.4%

(1) Bank of Deloitte & Luxury L Brands Allen & Overy Aramco Asia Spaces OUE Limited Hogan Lovells Virgin Active America Merrill Touche LLP Ventures LLP Singapore Pte. Lee & Lee Singapore Pte Lynch Ltd. Ltd

As of Mar 2020

(1) Including the hotel master lease arrangements for Mandarin Orchard Singapore and Crowne Plaza Changi Airport, where OUE Limited is the master lessee, OUE Limited’s contribution to the portfolio by gross rental income is 23.4% 17 Lease Expiry Profile - Commercial Segment

14.0% of OUE C-REIT’s commercial segment gross rental income is due for renewal in 2020, with a further 28.5% due in 2021

By NLA By Gross Rental Income Completed (Year-to-date)

29.8% 28.5% 26.1% 24.4% 5.6%

6.2% 18.3% 16.0% 14.8% 17.7% 10.4% 14.0%

2020 2021 2022 2023 2024 and beyond

WALE of 2.1 years by NLA(1) and 2.4 years by Gross Rental Income

As at 31 Mar 2020 Based on committed tenancies and excludes turnover rent (1) “NLA” refers to net lettable area 18 Lease Expiry Profile by Commercial Property

OUE Bayfront One Raffles Place WALE: 2.5 years (NLA); 2.6 Years (GRI) WALE: 2.2 years (NLA); 2.3 Years (GRI)

34.7% 30.2% 31.3% 28.9%

24.4% 24.3% 23.1% 24.1% 24.5% 24.5% 23.6% 21.2%

15.1% 15.9% 7.0% 7.5% 11.5% 11.8% 7.8% 8.2% 10.8% 10.9%

4.5% 4.7%

2020 2021 2022 2023 2024 and beyond 2020 2021 2022 2023 2024 and beyond OUE Downtown Office Lippo Plaza WALE: 1.4 years (NLA); 1.5 years (GRI) WALE: 2.4 years (NLA); 3.0 years (GRI)

38.8%

0.5% 30.9% 0.4% 28.8% 41.9% 26.1% 37.1% 27.3% 28.1% 22.4% 23.8% 21.2% 8.3% 12.4% 12.6% 6.0% 9.6% 6.4% 7.4% 3.2% 3.6% 10.1% 8.3%

2020 2021 2022 2023 2024 and beyond 2020 2021 2022 2023 2024 and beyond

By NLA By Gross Rental Income Completed (Year-to-date) As at 31 Mar 2020 19 Mandarin Gallery – Stable Performance

Committed Occupancy(1) Differentiated Tenant Mix 4% 2% 4% 1% 96.8% 99.1% 100.0% 99.5% 98.2% 98.3% 97.8% 5%

7% 5% 11% 38% 11% By NLA By GRI 58% 17% 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 14% WALE: 2.2 years (NLA); 2.9 Years (GRI(2)) 23%

By NLA By Gross Rental Income Completed (Year-to-date) As of Mar 2020

32.6% Fashion & Accessories Food & Beverage Hair & Beauty 28.3% Living & Lifestyle Travel Watches & Jewellery 23.6% 23.5% 5.6% 19.3% 16.5% 7.0% 12.6% 20.6% 10.6% 12.4%

2020 2021 2022 2023 2024 and beyond

(1) Excludes pop-up stores As at 31 Mar 2020 (2) Excludes turnover rent 20 Tenant Base and Lease Expiry Profile – All Segments

Others 1.6% Maritime & Pharmaceuticals & Logistics Services Healthcare 2.3% 3.6% 1.4% Manufacturing & (1) Distribution Hospitality Office Retail Hospitality 4.0% 22.1% IT, Media & Telecommunications 21.4% 4.5% 18.5%

Legal 15.8% 4.6%

Real Estate & 10.9% Property Services 8.7% 4.7% 6.8% 4.9% 3.8% 3.3% 3.5% Energy & 2.4% Commodities 4.9%

2020 2021 2022 2023 2024 and Banking, Insurance & Food & Beverage Financial Services beyond 5.8% 19.6% WALE(2) of 3.6 years by Gross Rental Income

Accounting & Consultancy Services Retail 10.0% 10.9% As of Mar 2020 As at 31 Mar 2020

(1) Refers to contribution from Mandarin Gallery and all other retail components within OUE C-REIT’s portfolio (2) “WALE” refers to the weighted average lease term to expiry. Based on committed tenancies and excludes turnover rent 21 Hospitality Segment Portfolio Performance – Hospitality 1Q 2020

1Q 2020 1Q 2020 RevPAR (S$) (S$ million)

47.7% 23.9% 40.2%

16.9 211 202 15.0 185

141 121 110

Revenue Net Property Income Mandarin Orchard Crowne Plaza Changi Hospitality Portfolio Singapore Airport

1Q 2020 1Q 2019

. Both hotel properties saw a strong start to the year but as strict travel restrictions were progressively imposed from end January 2020, there was significant loss of demand from tourist arrivals as well as postponement and cancellation of planned MICE and social events. Although there was replacement demand from those on self-isolation as well as workers affected by border shutdowns, the operating environment remained weak

. 1Q 2020 RevPAR at Mandarin Orchard Singapore declined 47.7% to S$110, while Crowne Plaza Changi Airport recorded a lower decline of 23.9% to S$141. Revenue for the hospitality segment in 1Q 2020 was at minimum rent of S$16.9 million

23 Hospitality Portfolio Customer Profile

Customer Profile – By Geography Customer Profile – By Segment 1Q 2020 1Q 2020 (By room nights) (By room revenue) Others 5% Oceania Corporate 9% 20%

North America 9% Southeast Asia 40%

Europe 11% Wholesale Transient 22% 58%

South Asia 4% North Asia 22%

Notes: Excludes aircrew and delays “Transient” refers to revenue derived from rental of rooms and suites to individuals or groups, who do not have a contract with the hotel “Corporate” refers to revenue derived from the rental of rooms and suites booked via a corporate or government company that has contracted annual rates with the hotel “Wholesale” refers to revenue derived from the rental of rooms and suites booked via a third party travel agent on a wholesale contracted rate basis 24 Re-branding of Mandarin Orchard Singapore to Hilton Singapore Orchard

Transformational re-branding with addition of new income-generating spaces  to drive growth in sustainable returns and value

Rebranding will allow the hotel to leverage on  Hilton’s strong brand recognition and global sales & distribution network

Re-branded hotel set to become Hilton’s flagship in Singapore and  the largest Hilton hotel in Asia-Pacific

Major refurbishments to take place from 2Q 2020 onwards to capitalise on weak operating  environment due to COVID-19

 Expected re-launch of hotel in 2022

Income assurance for Unitholders Downside protection from master lease throughout phased renovation and ramping-up period

Approximately 10% expected return on investment on a stabilised basis

25 Rationale for Re-branding of Mandarin Orchard Singapore

1 Enhance the hotel’s competitive positioning

2 Leverage on Hilton’s strong global distribution network and established partnerships

3 Opportunity to drive more direct booking business on the back of established guest loyalty program

4 Positions the hotel to better tap on long term growth drivers in the Singapore hospitality sector

26 1.1 Enhance hotel’s competitive positioning

Tap on Hilton’s strong brand recognition and Enhance competitive positioning alongside other marketing upper upscale hotels along . Hilton named as the world’s most valuable hotel brand within . Strengthen the property’s position as one of the premier Brand Finance Hotels 50 2019 ranking hotels in the prime Orchard Road segment . The flagship Hilton brand named the most valuable single . The property will be Hilton’s largest flagship hotel in Asia hotel brand when completed

Grand Park Hotel JEN Orchard Orchard Singapore Gateway Singapore

Singapore Marriott Tang Plaza

Mandarin Orchard Singapore Hotels Mandarin Retail Pan Pacific Orchard Serviced Singapore Suites Orchard

Source: Brand Finance Hotels 50 2019 27 2.2 Leverage on Hilton’s strong global distribution network and established partnerships

Mandarin Orchard Singapore - Customer Profile by Segment

Diversification of business mix and enhances 1Q 2020 Corporate revenue, distribution and marketing strategies (By room revenue) 20%

. Target higher-yielding luxury market for corporate segment with Hilton’s pipeline of global key accounts Transient 51% . Increase exposure to higher-yielding transient segment

with Hilton’s established partnerships with global travel Wholesale companies 29% . Diversify geographic source market coverage to complement the hotel’s current strength in serving Mandarin Orchard Singapore - Customer Profile by Geography regional guests 1Q 2020 Others (By room nights) Oceania 7% 5% North America 4% Europe 6% Southeast Asia South Asia 50% 5%

Notes: Excludes aircrew and delays North Asia “Transient” refers to revenue derived from rental of rooms and suites to individuals or groups, who do not have a contract with the hotel 23% “Corporate” refers to revenue derived from the rental of rooms and suites booked via a corporate or government company that has contracted annual rates with the hotel “Wholesale” refers to revenue derived from the rental of rooms and suites booked via a third party travel agent on a wholesale contracted rate basis 28 3.3 Opportunity to drive direct booking business through Hilton’s guest loyalty program

Leverage on strength of Hilton’s loyalty program to drive direct bookings business

. Award-winning guest loyalty program for Hilton’s 17 world- class brands comprising nearly 6,000 properties in 117 countries and territories . Expand reach to more than 100 million Hilton Honors members worldwide

17 117 ~6,000 Brands Countries & Territories Properties

Source: Hilton Honors 29 4.4 Positions hotel to tap on longer term growth drivers in Singapore’s hospitality industry

Positions hotel to tap on longer term Growth in visitor arrivals driven by growth drivers continued tourism investment Investment in tourism  Greater flight connectivity . Addition of new income-generating 18.5 19.1 New and increased flights to key source markets 17.4 16.4 meeting spaces positions property well to 15.1 15.2  STB Partnerships with Alibaba and Traveloka cater to growing demand in meetings, to drive visitor arrivals and spending incentives, conferences and exhibitions  Strong lineup of events for leisure and MICE (“MICE”) segments . While the COVID-19 situation is expected Enhanced Aviation Facilities to impact tourist growth momentum in 2014 2015 2016 2017 2018 2019  Integration of Terminal 1’s expansion with Jewel 2020, upcoming Singapore tourism Visitor Arrivals will see increased capacity at Changi Airport developments and initiatives are expected to drive growth in arrivals in the Benign hotel room supply until 2022  Terminal 2 expansion and upgrading medium to longer term  Opening of Terminal 5 by ~2030 will increase capacity to up to 150 million passengers per year . Supply growth going forward is benign at 69,367 69,486 70,175 70,720 0.6% CAGR for 2019 - 2022, lower than Upcoming Tourism Attractions the 3.9% CAGR from 2014 - 2019 - Expansion of Integrated Resorts (~2022) - Eco-Tourism (~2023)

2,373 119 689 545 - Redevelopment (2030)

2019 2020F 2021F 2022F - Greater Southern Waterfront redevelopment (~2027) Total No. of Rooms YoY growth - Lake District redevelopment (~2026) Sources: Singapore Tourism Board, JLL Hotels, Changi Airport Group 30 Schedule of Asset Enhancement Works

. Asset enhancement works are scheduled to commence in 2Q 2020 and expected to be completed by end-2021 . During the refurbishment period, MOS will continue to operate under the management of Meritus Hotel & Resorts, the hotel management company under the hospitality division of OUE Limited

Indicative Commencement Scope of Work Date . Phased renovation of Main Tower guestrooms . Refurbishment of Main Tower Level 1 lobby area 2Q 2020 . Creation of club lounge and gym on Orchard Wing Level 6 . Creation of new spaces for MICE, food & beverage and lobby facilities on Level 5

. Phased renovation of Orchard Wing guestrooms 4Q 2020

31 Value Creation of Mandarin Orchard Singapore Re-branding

. Expected capital expenditure for the re-branding exercise is approximately S$90.0 million . The Manager intends to draw down on existing loan facilities to fully fund the capital expenditure progressively over the renovation period . Based on the projected incremental net property income on a stabilised basis, the expected return is approximately 10.0%

Expected Start Date . 2Q 2020

Expected Completion . End 2021

Contribution to capital expenditure . Approximately S$90.0 million

Expected Return . Approximately 10%

32 Update on COVID-19 Impact on Operations

SG Office (53.1% of Revenue) . Disruption in leasing activities such as viewings, handovers and fitting-out . Longer leasing lead time as occupiers focus on cost containment, and re-evaluate space requirements. Expansions and relocations on hold while renewals are prioritised

SG Hospitality (21.7% of Revenue) . Travel restrictions on inbound travellers have affected demand for accommodation, with postponement or cancellation of planned MICE and social events . Food & beverage outlets remain open for deliveries and takeaways . Alternative sources of demand include guests on self-isolation as well as workers affected by border shutdowns

SG Retail (17.1% of Revenue) . Safe-distancing measures and travel restrictions on inbound travellers have affected tourist demand and shopper footfall . The “circuit breaker” announced by the Singapore Government ordering all non-essential trades to close temporarily, from 7 April 2020 until 4 May 2020, which was subsequently extended until 1 June 2020, will continue to impact on tenants’ operations Shanghai Office & Retail (8.1% of Revenue) . Extension of the Lunar New Year holiday (effectively extending office closures) in February. Curtailed retail malls’ operating hours, strongly encouraged work-from-home arrangements and other social distancing measures which disrupted businesses . With the relaxation of measures from end March, businesses have gradually resumed normal operations

34 Tenant Support Measures

. Total rental rebates of approximately S$18.8 million, of which an estimated S$13.3 million relates to the property tax rebates from the Singapore Government . The Manager will continue to monitor the situation closely, and will explore further initiatives to support OUE C-REIT’s tenants as required SG Office Passing on in full 30% property tax rebate from the Singapore Government

SG Hospitality Passing on in full 100% property tax rebate from the Singapore Government

SG Retail . Passing on in full 100% property tax rebate from the Singapore Government . Full rental waiver for April 2020 to eligible retail tenants and other targeted relief measures depending on tenants’ needs . Eligible tenants have also been extended flexible rental payment schemes

Shanghai Office & Retail Rental rebates and flexible payment schemes have been extended to all eligible tenants

35 Priorities and Mitigation for 2020

. Preserve sustainable long term returns for Unitholders . Focus on cost management and cash conservation, and maintaining financial flexibility . Tenant retention through proactive lease management

Operations . Suspension of non-essential capital and operating expenditure across OUE C-REIT’s properties . More flexible leasing terms to selected tenants to sustain occupancy . Cost containment measures have been implemented to manage staff costs and overheads at OUE C-REIT’s hotels; Singapore Government’s assistance packages such as wage and tax reliefs have also provided some support

Capital Management . Approximately S$596 million of borrowings due in the latter part of 2020 will be refinanced ahead of maturity. Average cost of debt is expected to remain stable . Balance sheet remains healthy, with available credit facilities to tap on where necessary . Debt headroom of approximately S$570 million and S$1.3 billion to regulatory limits of 45% and 50% respectively

36 Outlook Outlook

Commercial Singapore - Office . Supply of new CBD Grade A office space in the medium term is limited. . Nevertheless, both occupancy and office rents are expected to come under pressure, in view of business uncertainty in the current economic climate and concerns over the back-filling of secondary vacancy in office buildings. . OUE C-REIT’s office properties are expected to continue to achieve rents which are in line with or above market rents. As expiring rents for OUE C-REIT’s properties are below that of market rents, operating performance expected to remain resilient.

Singapore - Retail . Performance of retail segment in Singapore is expected to be negatively impacted by the decline in tourist demand and safe- distancing measures in place due to COVID-19. . The “circuit breaker” announced by the Singapore Government ordering all non-essential trades to close temporarily, initially from 7 April to 4 May 2020, and subsequently extended to 1 June 2020, will continue to impact on retail tenants’ operations. . Prime retail rents in Orchard Road saw a modest decline in 1Q 2020. Given the significant business disruption brought about by COVID-19, the retail operating environment is expected to remain challenging. Shanghai . Office leasing momentum in the Shanghai CBD Grade A market slowed in 1Q 2020, due to economic uncertainties posed by the COVID-19 pandemic. . Given intense leasing competition and the significant office supply pipeline which only peaks after 2021, the rental outlook is expected to remain subdued in the near term.

38 Outlook

Hospitality . International visitor arrivals to Singapore for Jan-Mar 2020 decreased by 43.3% to 2.7 million compared to the same period a year ago due to the travel restrictions on inbound travellers imposed from the end of January to stem the spread of COVID-19. The Singapore Tourism Board has projected a 25-30% decline in tourist arrivals for 2020. . To mitigate the decline in tourism demand, OUE C-REIT’s hotel properties have sought alternative sources of demand including providing accommodation to those on self-isolation as well as workers affected by border shutdowns. . Active focus on cost containment measures to mitigate the decline in performance. The Singapore Government’s assistance packages such as wage and tax reliefs have also provided some mitigation. . Minimum rent component of S$67.5 million per annum under the master lease arrangements of OUE C-REIT’s hotel portfolio provides downside protection.

Overall . To support tenants through this challenging period, OUE C-REIT has passed on in full the property tax rebates announced by the Singapore Government to all tenants, as well as provided additional relief measures and assistance schemes to tenants across its portfolio of properties. . The Manager will continue to monitor the situation closely, and is prepared to introduce further initiatives to support OUE C-REIT’s tenants as required. . As the COVID-19 situation is fluid and still evolving, the full impact on OUE C-REIT depends on several factors including the duration of the pandemic, potential for further extension of the circuit breaker or other movement control orders, as well as the trajectory of recovery when the pandemic is under control. . The Manager will continue to focus its efforts on proactive asset management, and manage our capital prudently to maintain financial flexibility, so as to preserve sustainable long term returns for Unitholders.

39 Appendices . Overview of OUE C-REIT . OUE C-REIT’s Portfolio . Singapore Office Market . Shanghai Office Market . Singapore Hospitality Market . Hotel Master Lease Details Overview of OUE C-REIT

Total assets under management High quality prime assets S$1.9billion(1) 7 High quality 7prime assets Market Capitalisation S$6.8billion 6 properties in Singapore and3 1 Assetproperty classes in Shanghai

OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Orchard Singapore Crowne Plaza Changi Airport Mandarin Gallery

Income Stability Strong Sponsor OUE Limited Expanded Investment Mandate S$ million p.a.  Commercial S$10.7billion 67.5  Hospitality / Hospitality-related minimum rent under hotel master Total Assets (as at 31 December 2019) lease arrangements

(1) Based on unit closing price of S$0.35 as at 31 March 2020 41 Premium Portfolio of Assets

OUE Downtown Mandarin Orchard Crowne Plaza OUE Bayfront One Raffles Place Lippo Plaza Mandarin Gallery Total Office Singapore Changi Airport Description Premium Grade A office Comprises two Grade A Grade A office Grade A commercial Prime retail landmark A world class Located at Singapore NLA: building located at office towers and a retail space, a mixed-used building located in on Orchard Road – hospitality icon in Changi Airport and Office: 1,869,003 Collyer Quay between mall located in development with Huangpu, one of preferred location for Singapore since close to Changi Retail: 307,561 the Marina Bay Singapore’s CBD at offices, retail and Shanghai’s flagship stores of 1971, MOS is the Business Park with Overall: 2,176,564 downtown and Raffles Raffles Place serviced residences established core international brands largest hotel along seamless Place at Shenton Way CBD locations Orchard Road connectivity to Jewel Changi Airport 1,640 hotel rooms Attributable Office: 378,692 Office: 598,814 Office: 530,487 Office: 361,010 Retail : 126,283 1,077 hotel rooms 563 hotel rooms NLA (sq ft) Retail: 21,132 Retail: 99,370 Retail: 60,776 Occupancy(1) Office: 100.0% Office: 94.0% Office: 94.6% Office: 85.8% Retail: 97.8% - - Office: 93.9% Retail: 98.9% Retail: 99.1% Retail: 90.7% Retail: 97.0% Overall: 99.9% Overall: 94.8% Overall: 86.5% Overall: 94.3% Leasehold OUE Bayfront & OUE Office Tower 1: 99 yrs from 19 July 50 yrs from 2 July 99 yrs from 1 July 99 yrs from 1 July 74 yrs from 1 July - Tenure Tower: 841 yrs from 1 Nov 1985 1967 1994 1957 1957 2009 99 yrs from 12 Nov 2007 Office Tower 2: OUE Link: 99 yrs from 26 May 1983 15 yrs from 26 Mar 2010 75% of Retail mall: Underpass: 99 yrs from 1 Nov 1985 99 yrs from 7 Jan 2002 Valuation(2) S$1,181.0m S$1,862.0m(3) S$912.0m RMB2,950.0m / S$493.0m S$1,228.0m S$497.0m S$6,776.9m (S$2,954 psf) (S$2,667 psf) (S$1,719 psf) RMB50,409 psm GFA (S$3,904 psf) (S$1.1m / key) (S$0.9m / key) S$603.9m(4) (S$1,432 psf)

(1) Committed Occupancy as at 31 March 2020 (3) Based on OUB Centre Limited’s 81.54% interest in One Raffles Place. C-REIT has an indirect 83.33% interest in OUB Centre Limited held via its wholly-owned subsidiaries (2) As at 31 December 2019 (4) Based on SGD:CNY exchange rate of 1:4.885 as at 31 March 2020 42 Singapore Office Market

. Core CBD Grade A occupancy rose 1.5 percentage points (“ppt”) QoQ to 97.6% in 1Q 2020, while core CBD Grade A office rents edged down 0.4% QoQ to S$11.50 psf/mth . While the supply of new Grade A office space in the medium-term is limited, both occupancy and office rents are expected to come under pressure, in view of business uncertainty in the current economic climate and concerns over the back-filling of secondary vacancy in office buildings

11.55 11.40 11.30 11.45 11.50 11.20 11.15 11.30 10.95 10.90 10.80 10.60 10.40 10.45 10.25 10.10 97.6% 9.75 9.90 9.55 9.55 9.55 9.70 9.50 9.30 9.40 96.5% 96.6% 9.10 9.10 95.7% 96.1% 95.8% 8.958.95 96.1% 95.2% 96.2% 95.2% 95.0% 95.1% 95.2% 96.1% 95.8% 95.7% 95.9% 95.6% 95.8% 94.6% 95.2% 94.1% 94.8% 93.5% 93.2% 94.1% 93.8% 94.1% 92.5%

1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 Grade A rents (S$ psf/mth) Core CBD Occupancy

Source: CBRE 43 Singapore Office Demand and Supply vs Office Rental

Island-wide Office Demand, Supply and Office Rents

('000 sq ft) (S$ psf/mth) 7,000 20 6,000 18 16 5,000 14 4,000 12 3,000 10 2,000 8 1,000 6 4 0 2 -1,000 0 -2,000 -2 -3,000 -4 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Demand (LHS) Supply (LHS) Prime Office Rental (RHS) Prime Grade A Office Rental (RHS)

Source: URA statistics, CBRE Research 2Q 2011 was the last period where CBRE provided Prime Office Rental data. Prime Grade A office rental data not available prior to 1Q 2002

44 Singapore Office Known Supply Pipeline

Benign office supply outlook for the Singapore core CBD over next 2 years

Office Supply Pipeline in Singapore (CBD and Fringe of CBD)

('000 sq ft)

2,500

2,000

1,500 1,258 1,000

500 635 654 650

0 129 2020 2021 2022 and beyond

Shenton Way / Robinson Road Fringe CBD Raffles Place Marina Bay

Note: Excluding strata-titled office Source: CBRE Research 45 Shanghai Office Market

Shanghai

100.0% 10.3010.30 10.50 10.40 10.40 10.30 10.36 10.35 11.00 10.10 10.1510.21 10.26 10.35 10.32 10.27 10.20 10.10 . Shanghai CBD Grade A office occupancy 9.70 9.90 98.0% 9.49 9.68 10.00 9.10 9.20 9.30 was 85.4% as at 1Q 2020, 2.2 ppt lower 96.0% 94.4% 95.0% 9.00 94.0% 93.8% 96.0% 92.8% 8.00 compared to the previous quarter due to 92.2% 94.0% 92.0% 92.8% 92.6% 90.0% 7.00 weak demand. Rents declined 4.2% QoQ to 90.0% 89.8% 89.4% 90.2% 88.4% 87.6% 6.00 88.0% 87.1% 89.7% RMB9.68 psm/day due to intense leasing 86.1% 87.6% 87.5% 5.00 86.0% 87.6% 86.1% 86.5% competition among landlords amid an 85.4% 4.00 84.0% increase in supply 82.0% 3.00

80.0% 2.00 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 CBD Grade A Rents (RMB psm/day) Shanghai CBD Grade A Occupancy . Puxi Grade A office occupancy decreased Puxi by 3.7 ppt QoQ to 86.7% as at 1Q 2020, while rents corrected 3.3% QoQ to

100.0% 9.4 9.5 9.4 9.6 9.5 9.46 9.51 9.54 9.55 9.54 9.56 9.46 10.0 9.1 9.3 9.3 9.2 9.14 9.14 9.31 9.15 RMB9.15 psm/day 8.8 8.8 8.8 9.0 9.0 94.9% 95.0% 96.3% 93.6% 91.7% 92.2% 92.5% 91.9% 8.0 90.7% 90.4% . Given the significant office supply pipeline 92.8% 7.0 90.0% 88.6% 90.9% 88.5% 91.5% 87.6% 89.7% 90.2% 86.7% which only peaks after 2021, the rental 89.0% 90.0% 85.7% 6.0 85.0% 87.2% 86.2% 5.0 outlook is expected to remain subdued in 85.3% 4.0 80.0% the near term 3.0

75.0% 2.0 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 Puxi Grade A Average Rent (RMB psm/day) Puxi CBD Grade A Office Occupancy

Source: Colliers International 46 Shanghai CBD Demand, Supply and Vacancy

Grade A Office Net Absorption, New Supply and Vacancy Rate Office Supply Pipeline in Shanghai CBD

('000 sq m) ('000 sq m)

1,200 16.0% 600 543

1,000 14.0% 500 12.0% 372 800 400 328 321 10.0% 600 300 8.0% 400 192 6.0% 200 200 4.0% 100 - 2.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 - -200 0.0% 2020 2021 2022 2023 2024

Zhuyuan Old Hongqiao & Gubei Xujiahui

Nanjing Road West The Bund Huaihai Middle Road & Xintiandi Net Demand (LHS) New Supply (LHS) Vacancy rate (RHS)

. Shanghai CBD Grade A office supply expected to abate after 2021

Source: Colliers International 47 Singapore - Visitor Arrivals

Visitor Arrivals in Singapore (million)(1) Top 10 Visitor Arrivals By Country (2019)

UK Visitor Arrivals YTD Mar 2020 South Korea 4% 5% USA 5% China 19.1 18.5 Philippines 25% Sep ‘11 and SARS Sub-Prime 17.4 15.6 16.4 6% 14.5 15.1 15.2 13.4 - 13.2 14.3 11.6 Japan 9.8 10.3 10.1 6% 8.9 9.7 7.6 8.3 6.1 Australia 2.7 8% Indonesia 22% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F Malaysia 9% India . Visitor arrivals grew 3.3% YoY to 19.1 million in 2019(3), with growth in eight out of the 10% top ten source markets Top 10 Inbound Markets YoY Change (2019) -2.7% Malaysia . For Jan-Mar 2020, visitor arrivals fell 43.3% YoY to 2.7 million. Top source markets -1.7% India saw major declines led by China (-64.9% YoY), Indonesia (-38.8% YoY), India (-43.2% South Korea 2.6% YoY), Malaysia (-48.4% YoY) and Australia (-22.3%) Indonesia 2.9% UK 3.2% . For 2020, as a result of lower travel confidence globally due to the COVID-19 Australia 3.3% (2) outbreak, visitor arrivals are expected to fall by 25% to 30% China 6.1% Philippines 6.6% Source: Singapore Tourism Board Japan 6.6% (1) Singapore Tourism Board, International Visitor Arrivals Statistics, 15 April 2020 (2) Singapore Tourism Board, STB Rallies Tourism Sector To Face Biggest Challenge Since SARS, 11 February 2020 USA 13.3% (3) Singapore Tourism Board, International Visitor Arrivals Statistics, 5 February 2020 48 Singapore – Investment in Tourism

Upcoming Attractions and Developments Tourism Investment  Greater Flight Connectivity New and increased flights to key markets of China, India, Japan and USA  Partnerships to drive visitor arrivals STB, CAG and Royal Caribbean collaborated on a new multimillion-dollar five-year tripartite marketing partnership to promote fly-cruises. The collaboration is expected to bring some 623,000 international fly-cruise Rejuvenation of Orchard Road Rejuvenation and Expansion of Mandai visitors to Singapore and generate over S$430 million in tourism receipts between end-2019 and 2024 Precinct (~2020)  Singapore is Qantas' largest hub outside Australia, with the opening of Qantas first ever First Lounge in Asia at Changi Airport Terminal 1 in November 2019 Source: Singapore Tourism Board, Changi Airport Group and Singapore Airlines Media Releases Strong Leisure and Events Calendar

Greater Southern Waterfront (~2027): Sentosa Redevelopment (~2030) housing, commercial and Merlion Gateway (2021 ) entertainment uses

Enhanced Aviation Facilities at Changi Airport

 Terminal 2 commenced four-year expansion and upgrading of facilities in Jan 2020, adding 15,500 sq m to the terminal Expansion of Marina Bay Sands to include a 15,000-seat arena, a luxury building and increasing Changi Airport’s capacity by 5 million hotel tower and additional MICE space passengers per annum when completed(1)  Passenger traffic at Changi Airport grew 4.0% YoY to 68.3 million in 2018(2) and recorded 5.2% YoY increase for Jan 2020 of 5.95 million passenger movements(3)  Opening of Terminal 5 by ~2030 will increase capacity to up to 150 million passengers per annum(4) Terminal 2 Departure Hall artist impression Resorts World Sentosa’s expansion includes new attractions, hotels and (1) Changi Airport Group, Changi Airport begins Terminal 2 expansion works to increase capacity and enhance passenger experience, 16 January 2020 lifestyle offerings developmental project (~2026) (2) Changi Airport Group, Changi Airport handled 68.3 million passengers in 2019, 31 January 2020 (3) Changi Airport Group, Operating Indicators for January 2020, 25 February 2020 (4) Changi Airport Group Annual Report FY2017/18 Information & Image Sources: Websites of Changi Airport Group, Mandai Project, Sentosa Development Corporation, Singapore Tourism Board, Women’s Tennis Association, International Rugby Board, F1, International Champions Cup Singapore, Las Vegas Sands, Resorts World 49 Sentosa, Singapore Art Week, Singapore Food Festival, Ultra Singapore and The World’s 50 Best Restaurants. Hotel Master Lease Details

Property Mandarin Orchard Singapore Crowne Plaza Changi Airport

No. of Guestrooms 1,077 563

Master Lease Variable Rent Comprising Sum of: Variable Rent Comprising Sum of: Rental (i) 33.0% of MOS GOR(1) ; and (i) 4% of Hotel F&B Revenues; (ii) 27.5% of MOS GOP(2); (ii) 33% of Hotel Rooms and Other Revenues not related to F&B; subject to minimum rent of S$45.0 million(3) (iii) 30% Hotel GOP; and (iv) 80% of Gross Rental Income from leased space; subject to minimum rent of S$22.5 million(3)

Master Lessee . OUE Limited . OUE Airport Hotel Pte. Ltd. (OUEAH)

Tenure . First term of 15 years to expire in July 2028 . First term of Master Lease to expire in May 2028 . Option to renew for an additional 15 years on the same . Option to renew for an additional two consecutive 5-year terms terms and conditions

FF&E Reserve Capital Replacement Contribution

. 3% of GOR . Aligned with hotel management agreement between OUEAH and IHG . Generally at 3% of GOR

(1) GOR: Gross operating revenue (2) GOP: Gross operating profit (3) The rental under the master lease will be the minimum rent if the amount of variable rent for that operating year is less than the amount of minimum rent 50 Thank You